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Nonprofiteer
← THE VENETOULIS INSTITUTE FOR LOCAL JOURNALISM

Form 990 for tax year 2022

Filed by THE VENETOULIS INSTITUTE FOR LOCAL JOURNALISM.

Totals

Total revenue
$17,431,025
Total expenses
$17,307,585
Contributions and grants received
$16,526,520
Grants paid
$0
Program service revenue
$764,319
Investment income
$140,186
Other revenue
$0
Total assets, end of year
$23,964,840
Total liabilities, end of year
$4,536,524
Net assets or fund balances, end of year
$19,428,316
Program services expenses (Part IX)
$12,505,945
Management and general expenses
$4,064,513
Fundraising expenses
$737,127
Program service expenses (Part III)
$12,505,945

Program services were 72.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $16,526,520

  • 2a · Program service revenue: SUBSCRIPTIONS

    total $525,452 · related or exempt $525,452

  • 2b · Program service revenue: ADVERTISING

    total $216,334 · unrelated business $216,334

  • 2c · Program service revenue: PROGRAM

    total $22,429 · related or exempt $22,429

  • 2d · Program service revenue: OTHER FEES AND CHARGES

    total $104 · related or exempt $104

  • 3 · Investment income

    total $140,186 · excluded $140,186

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $3,443,702 · program services $2,767,015 · management and general $476,264 · fundraising $200,423

  • 7 · Other salaries and wages

    total $5,732,875 · program services $4,475,421 · management and general $933,042 · fundraising $324,412

  • 10 · Payroll taxes

    total $575,979 · program services $462,799 · management and general $79,658 · fundraising $33,522

  • 11a · Fees: management

    total $162,880 · program services $130,874 · management and general $22,526 · fundraising $9,480

  • 11b · Fees: legal

    total $104,160 · program services $83,693 · management and general $14,405 · fundraising $6,062

  • 11c · Fees: accounting

    total $177,525 · program services $142,641 · management and general $24,552 · fundraising $10,332

  • 11g · Fees: other

    total $3,630,751 · program services $1,359,345 · management and general $2,241,053 · fundraising $30,353

  • 13 · Office expenses

    total $935,755 · program services $758,905 · management and general $122,838 · fundraising $54,012

  • 16 · Occupancy

    total $142,541 · program services $114,532 · management and general $19,712 · fundraising $8,297

  • 17 · Travel

    total $161,583 · program services $129,831 · management and general $22,344 · fundraising $9,408

  • 20 · Interest

    total $19,723 · program services $15,847 · management and general $2,728 · fundraising $1,148

  • 22 · Depreciation, depletion and amortization

    total $405,516 · program services $325,831 · management and general $56,080 · fundraising $23,605

  • 23 · Insurance

    total $22,098 · program services $17,755 · management and general $3,056 · fundraising $1,287

  • 24a · Other expenses: MARKETING AND PUBLIC RE

    total $1,607,808 · program services $1,577,465 · management and general $15,992 · fundraising $14,351

  • 24b · Other expenses: TRAINING AND DEVELOPMEN

    total $93,513 · program services $75,137 · management and general $12,931 · fundraising $5,445

  • 24c · Other expenses: TAXES, LICENSES, AND FE

    total $55,056 · program services $44,237 · management and general $7,613 · fundraising $3,206

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $24,589 · program services $19,757 · management and general $3,400 · fundraising $1,432

  • 24e · All other expenses

    total $11,531 · program services $4,860 · management and general $6,319 · fundraising $352

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $131,251 · end of year $1,573,109

  • 3 · Pledges and grants receivable

    end of year $84,566

  • 4 · Accounts receivable

    end of year $131,428

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,789 · end of year $229,375

  • 10a · Land, buildings and equipment: cost or other basis

    $3,665,819

  • 10b · Land, buildings and equipment: accumulated depreciation

    $394,431

  • 10c · Land, buildings and equipment, net

    beginning of year $170,566 · end of year $3,271,388

  • 11 · Investments: publicly traded securities

    beginning of year $20,258,996 · end of year $18,599,974

  • 15 · Other assets

    beginning of year $9,115 · end of year $75,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $835,829 · end of year $2,155,925

  • 19 · Deferred revenue

    beginning of year $0 · end of year $682,941

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,697,658

  • 27 · Net assets without donor restrictions

    beginning of year $19,737,888 · end of year $19,048,750

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $379,566

Mission and programs · 2022

Mission

OUR MISSION IS TO BE AN INDISPENSABLE RESOURCE THAT STRENGTHENS, UNITES, AND INSPIRES OUR BALTIMORE COMMUNITY. WE WILL ACCOMPLISH THIS THROUGH TRUSTWORTHY, QUALITY JOURNALISM THAT TELLS THE VARIED STORIES OF OUR PEOPLE, HOLDS OUR LEADERS ACCOUNTABLE, AND DELIVERS LOCAL NEWS THAT READERS ARE WILLING TO SUPPORT.

  • IN 2022, THE VENETOULIS INSTITUTE LAUNCHED THE BALTIMORE BANNER, OUR FLAGSHIP DIGITAL NEWS PRODUCT. IN PREPARATION FOR THIS LAUNCH, EXPENSES CENTERED ON GROWING HEADCOUNT IN OUR NEWSROOM, PRODUCT, AND BUSINESS FUNCTIONS TO ENSURE APPROPRIATE SCALE AND INFRASTRUCTURE TO SUPPORT OUR ORGANIZATION. THIS INCLUDED THE ADDITIONS OF REPORTERS AND EDITORS TO OUR NEWSROOM, AND DATA, FINANCE, PRODUCT, AND MARKETING STAFF TO OUR NON-NEWSROOM FUNCTIONS, RESULTING IN A 2022 YEAR-END HEADCOUNT OF 89. ADDITIONALLY, VLIJ INVESTED $622K IN CAPEX TO SUPPORT TECHNOLOGY INFRASTRUCTURE, GIVING US THE OPPORTUNITY TO IMPROVE USER EXPERIENCE AND INCREASE DATA-DRIVEN DECISION MAKING WITHIN THE ORGANIZATION. INVESTMENTS IN THE BALTIMORE BANNER APP AND WEBSITE INFRASTRUCTURE ENSURE THAT OUR NEWS COVERAGE CAN BE EASILY ACCESSED BY OUR AUDIENCES AND PROVIDE A POSITIVE USER EXPERIENCE THAT BUILDS THE FOUNDATION FOR SUBSCRIBER GROWTH. ADDITIONALLY, ENHANCED DATA INFRASTRUCTURE ENABLES US TO UNDERSTAND THE PREFERENCES AND BEHAVIORS OF OUR READERS, ENABLING US TO MAKE DATA-DRIVEN DECISIONS REGARDING CONTENT AND PRIORITIZE INVESTMENTS WITHIN OUR ORGANIZATION.IN ADDITION TO THE GROWTH OF VILJ STAFF, INVESTMENTS IN FREELANCE, CONTRACT, AND CONSULTING SUPPORT ENABLED US TO LAUNCH AND BUILD OUR ORGANIZATION. BY ENGAGING FREELANCE JOURNALISTS, WE EXPANDED WRITTEN AND PHOTO COVERAGE IN THE COMMUNITIES WE SERVE AS WE WORKED TO GROW OUR PERMANENT NEWSROOM PRESENCE. ADDITIONALLY, WE UTILIZED CONTRACTORS AND CONSULTANTS TO PROVIDE EXPERTISE AND SUPPORT FOR OUR IT, PRODUCT, FINANCE, ANALYTICS AND ENGINEERING FUNCTIONS. SINCE THE 2022 LAUNCH OF THE THE BALTIMORE BANNER AS A NONPROFIT, INDEPENDENT LOCAL NEWS SITE, WE CONTINUE TO STRIVE TO BECOME AN INTEGRAL AND VITAL PART OF THE COMMUNITIES THAT WE SERVE ACROSS BALTIMORE AND MARYLAND. AS ONE OF THE LARGEST AND MOST DIVERSE NEWSROOMS IN THE STATE, OUR TEAM OF JOURNALISTS WORKS TIRELESSLY TO COVER THE IMPORTANT ISSUES THAT MOST DIRECTLY IMPACT NEIGHBORHOODS ACROSS OUR CITY AND STATE TO HELP STRENGTHEN, UNITE AND INSPIRE OUR COMMUNITIES; INVESTMENTS IN OUR STAFF, INFRASTRUCTURE, AND FREELANCE AND CONTRACTORS HAVE HELPED TO ENABLE THESE EFFORTS.

    Expenses $12,505,945 · Revenue $741,890

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BRIAN MCGRORY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINE A SHREVE

    CORPORATE TREASURER

    Total calculated
    $0
    Hours/week
    7

  • IMTIAZ PATEL

    PRESIDENT

    Total calculated
    $637,200
    From this org
    $625,000
    From related orgs
    $0
    Other
    $12,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $500,000
    Bonus
    $125,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,200
    Filer's total
    $637,200

  • JANET CURRIE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEDD GOULD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSH TYRANGIEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SANDY BAINUM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHANAYSHA SAULS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STEWART BAINUM JR

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • SUZI WATFORD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM JEWS

    CORPORATE SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • KIMI YOSHINO

    EDITIOR IN CHIEF

    Total calculated
    $385,492
    From this org
    $375,800
    From related orgs
    $0
    Other
    $9,692
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $350,000
    Bonus
    $25,800
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,692
    Filer's total
    $385,492

  • ANDRE JONES

    HEAD OF PEOPLE, CULTURE AND DIVERSITY

    Total calculated
    $183,323
    From this org
    $180,000
    From related orgs
    $0
    Other
    $3,323
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,323
    Filer's total
    $183,323

  • KLAS UDEN

    CHIEF MARKETING OFFICER

    Total calculated
    $338,089
    From this org
    $325,889
    From related orgs
    $0
    Other
    $12,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,154
    Bonus
    $34,735
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,200
    Filer's total
    $338,089

  • MICHAEL KATZ

    HEAD OF FINANCE

    Total calculated
    $241,179
    From this org
    $233,138
    From related orgs
    $0
    Other
    $8,041
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,000
    Bonus
    $43,138
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,041
    Filer's total
    $241,179

  • WILLIAM WARREN

    CHIEF PHILANTHROPY OFFICER

    Total calculated
    $221,442
    From this org
    $221,154
    From related orgs
    $0
    Other
    $288
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,154
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $288
    Filer's total
    $221,442

  • ANDREA MCDANIELS

    MANAGING DIRECTOR

    Total calculated
    $215,369
    From this org
    $209,615
    From related orgs
    $0
    Other
    $5,754
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,615
    Bonus
    $15,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,754
    Filer's total
    $215,369

  • LAWRENCE BURNEY

    ARTS & CULTURE EDITOR

    Total calculated
    $120,577
    From this org
    $120,577
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • MICHAEL SCHMITT

    DIRECTOR CUSTOMER ENGAGEMENT

    Total calculated
    $146,015
    From this org
    $141,923
    From related orgs
    $0
    Other
    $4,092
    Hours/week
    40

  • RICHARED MARTIN

    DEPUTY MANAGING DIRECTOR

    Total calculated
    $165,305
    From this org
    $160,558
    From related orgs
    $0
    Other
    $4,747
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,558
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $4,747
    Filer's total
    $165,305

  • SARAH FEATHERSTONE

    PROGRAM DIRECTOR

    Total calculated
    $129,588
    From this org
    $126,923
    From related orgs
    $0
    Other
    $2,665
    Hours/week
    40

  • EARL COKLEY

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $206,477
    From this org
    $205,123
    From related orgs
    $0
    Other
    $1,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $64,615
    Bonus
    $40,506
    Other
    $100,002
    Deferred
    $0
    Nontaxable benefits
    $1,354
    Filer's total
    $206,477

  • HYUK LEE

    CHIEF INSIGHTS OFFICER

    Total calculated
    $184,790
    From this org
    $184,790
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,461
    Bonus
    $46,329
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $184,790

  • SHAMEEL ARAFIN

    CHIEF PRODUCT OFFICER

    Total calculated
    $340,424
    From this org
    $333,572
    From related orgs
    $0
    Other
    $6,852
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,369
    Bonus
    $29,300
    Other
    $87,903
    Deferred
    $0
    Nontaxable benefits
    $6,852
    Filer's total
    $340,424

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323199349324287

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